New Jersey Weekly Fuel Update and Outlook

On Dec 27, 2016

Average retail gasoline prices in New Jersey have risen 3.5 cents per gallon in the past week, averaging $2.37/g yesterday, according to GasBuddy’s daily survey of 3,525 gas outlets in New Jersey. This compares with the national average that has increased 2.7 cents per gallon in the last week to $2.28/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in New Jersey during the past week, prices yesterday were 51.7 cents per gallon higher than the same day one year ago and are 16.7 cents per gallon higher than a month ago. The national average has increased 16.5 cents per gallon during the last month and stands 28.4 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on December 27 in New Jersey have ranged widely over the last five years: $1.85/g in 2015, $2.33/g in 2014, $3.28/g in 2013, $3.32/g in 2012 and $3.14/g in 2011.

Areas near New Jersey and their current gas price climate:

• Trenton- $2.38/g, up 3.3 cents per gallon from last week’s $2.35/g.
• Philadelphia- $2.45/g, up 3.0 cents per gallon from last week’s $2.42/g.
• Toms River- $2.38/g, up 4.5 cents per gallon from last week’s $2.33/g.

“While the benchmark West Texas Intermediate (WTI) crude closed last week near $53 per barrel, it’s doubtful that we’ll see any momentum this week since trading is generally low volume between Christmas and New Year’s Day. Similarly, expect the aggressive escalation that we saw for retail gasoline prices through much of December to stall out in the final week of the year,” said Gregg Laskoski, senior petroleum analyst for GasBuddy.

“Overall, the national average price of gas is 28 cents higher than where it was a year ago on this day and prices in most metros and states across the country are higher too; with the remarkable exception being California whose statewide average today is 13 cents lower than last year and the Los Angeles’ average, believe it or not, is 27 cents less than a year ago,” Laskoski noted.

Related Articles: